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    Felix Pan (Junhong Pan) • KGI Securities

    Felix Pan (Junhong Pan)'s questions to Taiwan Semiconductor Manufacturing Co Ltd (TSM) leadership

    Felix Pan (Junhong Pan)'s questions to Taiwan Semiconductor Manufacturing Co Ltd (TSM) leadership • Q2 2025

    Question

    Felix Pan asked how the accelerated ramp of the second U.S. fab, combined with increased investment tax credits (ITC), would affect the schedule and the guided margin dilution from overseas fabs. He also inquired about the impact of the U.S. acceleration on investment plans in Japan and Germany.

    Answer

    Chairman & CEO Dr. C.C. Wei clarified that the accelerated U.S. schedule is driven purely by customer demand, not the helpful ITC. SVP & CFO Mr. Wendell Huang added the ITC has a positive but not significant impact on the margin dilution outlook. Dr. Wei also explained that the U.S. leading-edge expansion does not affect the specialty technology investments in Japan and Germany, as they serve different markets.

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    Felix Pan (Junhong Pan)'s questions to United Microelectronics Corp (UMC) leadership

    Felix Pan (Junhong Pan)'s questions to United Microelectronics Corp (UMC) leadership • Q1 2025

    Question

    Felix Pan of KGI Securities sought to confirm UMC's stance on whether customers or the foundry would bear the cost of potential semiconductor tariffs. He also asked for management's perspective on inventory levels across different applications, assuming a potential down cycle.

    Answer

    CFO Chi-Tung Liu reiterated that UMC's approach is to work transparently and collaboratively with customers to deal with any potential tariff issues, avoiding a direct statement on cost-sharing. IR Manager David Wong addressed inventory, stating that levels for consumer electronics are healthy, but remain relatively high for the Automotive and Industrial segments, which will require more time to be digested.

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